OPEC is Pumping Like Crazy All the Way Till Its Production Cut Deadline
OPEC members are making hay while the sun shines, and giving oil traders more reason to doubt they will hit production cuts agreed earlier this month.
OPEC members are making hay while the sun shines, and giving oil traders more reason to doubt they will hit production cuts they agreed to earlier this month, says TheStreet's Paul Whitfield. The oil cartel, in November, pumped more oil than at any time in its entire history, hitting a record 33.86 million barrels a day and tallying up a sixth consecutive monthly increase in production. The increase means members will have to cut production by 1.36 million barrels a day if they are to hit a production target of 32.5 million barrels a day starting next month.
